Goldman Sachs partner warns on Amazon cloud risks

Senior executives at Goldman and Standard Chartered are worried about an over-reliance on a small band of cloud service providers

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Yolanda Bobeldijk

September 21, 2017 Updated: September 26, 2017 7:14 a.m. GMT

A senior partner at Goldman Sachs has warned of the risks attached to the large number of banks using the same cloud-based technology providers.

A raft of tier-one banks, including Citigroup, JPMorgan and HSBC, rely on Amazon's cloud storage system, as do the Financial Conduct Authority and the Financial Industry Regulatory Authority. This has sparked concerns that the industry has concentrated too much of its resources in a small...